This is in continuation of the notices no. 20250304-21 dated Mar 04, 2025, and 20250305-34 dated Mar 05, 2025, regarding buyback of equity shares of Nava Ltd.
Trading Members and Custodian Members of the Exchange are requested to note that the Company Nava Ltd. has mentioned the following about TAX DEDUCTION AT SOURCE ("TDS") in the Letter of Offer dated March 03,2025 for the buyback of equity shares of the company:
The company is required to deduct tax at source at 10% under section 194 of the ITA in respect of the consideration payable to Resident shareholders on buy-back of the shares.
In respect of consideration payable to Non-resident shareholders, tax shall be withheld at the rate of 20% as per the ITA or as per the rate in the respective Tax Treaty, whichever is beneficial subject to availability of prescribed documents by such non-residents.
In accordance with the above, the direct payout to clients shall be done on net amount basis i.e., accepted buyback amount (Gross Amount) minus Tax Deduction at Sources (TDS) wherever applicable.
Trading Members and Custodian Members of the Exchange are requested to inform / guide their investors accordingly.
Mangesh Tayde
Deputy General Manager
Listing Business Relationship
March 18, 2025 |